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Real Estate Investing Forums | Real Estate Investing | Bird Dogs, Wholesaling, Flipping Properties Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Tenant hasn't paid in 3 years...
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Dmccright
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« on: April 10, 2018, 09:41:02 PM »

Holy snarkys, I've been mailing some tax default lists here lately and this seller calls me. He's old, he's tired, and he's disabled and has had not received a payment in 3 years...  Shocked  I'm going to take a gander at this property in a few days and if the numbers fit these tenants aka freeloaders are about to lose there free ride. So what the best way to market this? Tenets in place lol?
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ThePropertyWhiz
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« Reply #1 on: April 17, 2018, 07:17:02 AM »

Honesty is the best policy.  I'd tell the buyer they're going to have to go through the eviction process, which will incur an expense and/or possible more damage to the property than there already is.  Look at it from the buyers perspective, if you didn't tell me about the situation, I'm never buying from you again and probably telling some of my deep pocket buddies what happened as well.  And like that....you lose $5 mill in buyer money...
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ThePropertyWhiz
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« Reply #2 on: April 17, 2018, 07:20:33 AM »

And give the seller the option to give them a swift kick in the nads on the way out LOL.
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Dmccright
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« Reply #3 on: April 17, 2018, 09:08:54 AM »

Honesty is the best policy.  I'd tell the buyer they're going to have to go through the eviction process, which will incur an expense and/or possible more damage to the property than there already is.  Look at it from the buyers perspective, if you didn't tell me about the situation, I'm never buying from you again and probably telling some of my deep pocket buddies what happened as well.  And like that....you lose $5 mill in buyer money...

Not being dishonest frankly. They are more than likely non performers because they know the old and can't boot there ass. Either way I'm going to get a huge discount(under 50%)anyway so the buyer will be quite insulated. In this market getting a house at below 50% is a steal so long as it is structurally complete.
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Dmccright
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« Reply #4 on: April 25, 2018, 08:09:39 AM »

Man I have hit a unlucky streak here lately. Within two weeks the seller has become non bed ridden, paid his taxes, contacted his son from CA, and is not interested in selling and going to evict his tenants. Like holy turnaround batman.
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Randoskie
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« Reply #5 on: April 25, 2018, 10:34:52 PM »

That time I got a call from a motivated landlord that never received a penny of rent for yrs also.
It was his son, this poor guy tried to help out his boy, after all they had kids and they deserved a break.
 He was going to sell it to me and let me deal with the dastardly son.
Then later he changed his mind, of course, wat a mess.
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Real Estate Investing Forums | Real Estate Investing | Bird Dogs, Wholesaling, Flipping Properties Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Tenant hasn't paid in 3 years...
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